Global business payments player Fleetcor beat expectations in its FY 22 results, with overall year-on-year revenue growth of 21% to $3.4bn, while organic revenue grew 13%. This was aided by Corpay, the company’s Corporate Payments segment, which saw revenues grow by 29% to $772m for the year.
Corpay, which includes the previously acquired brands AFEX and Cambridge Global Payments, also saw Q4 revenue grow by 20% YoY to $210m, compared to the overall Fleetcor brand, which saw growth of 10% in Q4 to $884m. Corporate Payments accounted for 23% of Fleetcor’s business in 2022.
The segment’s strong growth was in part driven by the company’s accounts payable payment execution business, which was the fastest growing in the company and in 2022 saw the addition of an AP automation software frontend.
Corpay also saw its direct corporate payments business increase by 27%, while cross-border increased 24%, aided by new sales. The segment also completed the full integration of AFEX into its cross-border platforms.
Looking to 2023, Fleetcor expects its run of growth to continue, and is projecting FY revenues to maintain 12% growth to around $3.8bn, while EBITDA is expected to grow by 15%.
How is Corpay competing on pricing?